157 



t'jraph or telephone with the 0A^^ler. The owner controls the 

 ^"oods until they are sold. It is well known that through 

 the auction system in time of glut, that it is not unlike the 

 private sale system, he who sells first nearly always sells 

 best, and the auction company sells first. Buyers will not 

 buy at private sale in New York City until the auction has 

 closed and settled the price. That is true of all business 

 that is conducted at auction — private sales wait the action 

 of the auction ; buyers fear to buy ahead of the auction, for 

 i'ear that their competitors might obtain the goods for a 

 lesser price at the auction. They go to the private salesman 

 oecause of a glut and demand a still lower price and urge 

 the argument that. "If you don't let me have them for less 

 today, then tomorrow I will be obliged to patronize the 

 auction." 



A :\IE:\IBER: who really owns the Desbrosess Street 

 Pier? 



MR. EMERSON: The City of New York owns the pier 

 iViid leases it to the New York Central Railroad ; the City 

 ovTDH all the piers there. 



A MEMBER: I was wondering where the New York 

 (/cntral Railroad got off by paying a very large rent for a 

 ])ier and giving it to the City for nothing; so I would like to 

 inquire can a Lackawanna car ferry come up to that pier? 



MR. EMERSON: There would be-no obstruction, but 

 imless there was a si>ecial arrangement with the New York 

 Central, it could not be done. The object of giving this pier 

 lor the use of the department is to have the department in- 

 fluence shipments to that pier, which naturally will be over 

 their rails, but the New York Central did permit us to sell 

 goods there from other lines in its inception, but should the 

 business develop, it would be necessary to sell on the piers 

 Avhere the goods naturally arrived, belonging to the railroad 

 company over which they arrived. 



A MEMBER: Can you ship less than a carload to that 

 pier? 



MR. EMERSON : Yes sir. 



